Page 10 of 10 FirstFirst ... 678910
Results 226 to 250 of 250

Thread: Return of the Son of the Holy $hit Powerball lottery jackpot

  1. #226
    Quote Originally Posted by rcarlberg View Post
    Statistically speaking, of course, that's not true. A one-in-292 million chance is still for all intents and purposes zero.
    Correct. However, spending $10-$20 on it a few times a year seems like as harmless and cheap a form of entertainment as anything else. The money spent on the lottery is as irretrievably gone as any other dollars spent on an experience. But in this case, you just might win a life-changing amount of money. Can't get that from a King Crimson concert. And if you did, Robert Fripp would lock the doors of the venue and steal it from you, anyway.

    Quote Originally Posted by rcarlberg View Post
    Here's a figure the lottery people don't like to advertise: how much of the money they take in is paid out in prizes?

    To begin with, the "prize pool" is only 50% of sales -- therefore HALF OF ALL SALES is pure profit.
    Not correct. You either are assuming that the lottery has zero operating costs, or don't understand the concept of profit.

    Second, you have the facts wrong. Depending on the game, as much as 75% of the take goes to winners. In the case of Powerball, which is the game currently being discussed, 60% is paid out to prize winners.

    Depending on the game, 10-20% is sent back to the states in the form of tax revenue, which is typically spent on education.

    Is this an inefficient way of raising tax revenue? Yes.
    Is this a regressive tax (the least equitable form of taxation)? Yes.

    Nevertheless, has the lottery provided states with billions of dollars of revenue which, but for the lottery, would have to be raised in another manner? Yes.

  2. #227
    Member BobM's Avatar
    Join Date
    Nov 2012
    Location
    Ponte Vedra, FL
    Posts
    988
    Everyone has a plan for a $5-10 million win. A nice house or two, a fine car or two, vacations, better wine, flying first class, etc.

    But what would you do with $400 million in hand? It's so incomprehensible. I would say, put $100 million aside for all future living expenses for you and your kids and their kids. Then start a foundation with the other $300 million and keep yourself busy doling out that money for some good causes that touch your heart. Maybe hobnob with Bill Gates and help his charity.
    --------------------------------------------------------------------------------------------------------------------------------------
    A gentleman is defined as someone who knows how to play the accordion, and doesn't.

  3. #228
    Quote Originally Posted by BobM View Post

    But what would you do with $400 million in hand? It's so incomprehensible. I
    First and foremost would be a gold house.

  4. #229
    Connoisseur of stuff. Obscured's Avatar
    Join Date
    Mar 2013
    Location
    NYC
    Posts
    980
    Tonight's Mega Millions jackpot is $306,000,000.
    Saturday's Powerball jackpot is $384,000,000.

    (Remember to wait till after New Year's to claim your winnings so you have a whole year to worry about the taxes.)
    "Henry Cow always wanted to push itself, so sometimes we would write music that we couldn't actually play – I found that very encouraging." - Lindsay Cooper, 1998
    "I have nothing to do with Endless River. Phew! This is not rocket science people, get a grip." - Roger Waters, 2014
    "I'm a collector. And I've always just seemed to collect personalities." - David Bowie, 1973

  5. #230
    Connoisseur of stuff. Obscured's Avatar
    Join Date
    Mar 2013
    Location
    NYC
    Posts
    980
    Tonight's Mega Millions jackpot is $445,000,000.
    Tomorrow's Powerball jackpot is $550,000,000.



    Edit- 450 / 570 million up for grabs now and rising.
    Last edited by Obscured; 01-05-2018 at 07:13 PM.
    "Henry Cow always wanted to push itself, so sometimes we would write music that we couldn't actually play – I found that very encouraging." - Lindsay Cooper, 1998
    "I have nothing to do with Endless River. Phew! This is not rocket science people, get a grip." - Roger Waters, 2014
    "I'm a collector. And I've always just seemed to collect personalities." - David Bowie, 1973

  6. #231
    Member Jerjo's Avatar
    Join Date
    Nov 2012
    Location
    small town in ND
    Posts
    6,432
    We are getting into crazy numbers again. PB is 420 and MM is 345
    I don't like country music, but I don't mean to denigrate those who do. And for the people who like country music, denigrate means 'put down.'- Bob Newhart

  7. #232
    Member rcarlberg's Avatar
    Join Date
    Nov 2012
    Location
    Seattle
    Posts
    7,765
    Funny thing is, as the size of the jackpot goes up your odds of winning actually go down.

    Is it harmless fun? I guess it beats risking clogging your sewer by flushing $10 bills.

  8. #233
    Studmuffin Scott Bails's Avatar
    Join Date
    Nov 2012
    Location
    Near Philly, PA
    Posts
    6,583
    Quote Originally Posted by rcarlberg View Post
    Funny thing is, as the size of the jackpot goes up your odds of winning actually go down.
    You're going to have to explain this one.
    Music isn't about chops, or even about talent - it's about sound and the way that sound communicates to people. Mike Keneally

  9. #234
    Member Jerjo's Avatar
    Join Date
    Nov 2012
    Location
    small town in ND
    Posts
    6,432
    A friend once said, "it's gambling for people who don't understand statistics". Nonetheless, a $2 ticket is a pretty harmless fantasy. And I always love those office/workplace pools that some times win. I used to be in one in a wretched health insurance company and people took it quite seriously as their only way out. The numbers had been crunched and ran through the tax percentages, the number of people in the pool, return on Treasury bonds, etc and there was an established point in the jackpot where we'd dive in because a win would mean walking off the job with enough to retire or start anew. It was referred to by everyone in the pool as the FU point. We never won but it was fun.
    I don't like country music, but I don't mean to denigrate those who do. And for the people who like country music, denigrate means 'put down.'- Bob Newhart

  10. #235
    I'm here for the moosic NogbadTheBad's Avatar
    Join Date
    Nov 2012
    Location
    Boston
    Posts
    10,223
    Quote Originally Posted by Scott Bails View Post
    You're going to have to explain this one.
    The only way I think that works is that the probability of multiple winners goes up due to the surge in ticket purchases so would you rather be the sole winner of $150MM or split $500MM with 5 people?
    Ian

    Host of the Post-Avant Jazzcore Happy Hour on progrock.com
    https://podcasts.progrock.com/post-a...re-happy-hour/

    Gordon Haskell - "You've got to keep the groove in your head and play a load of bollocks instead"
    I blame Wynton, what was the question?
    There are only 10 types of people in the World, those who understand binary and those that don't.

  11. #236
    I'm here for the moosic NogbadTheBad's Avatar
    Join Date
    Nov 2012
    Location
    Boston
    Posts
    10,223
    Quote Originally Posted by Jerjo View Post
    A friend once said, "it's gambling for people who don't understand statistics". Nonetheless, a $2 ticket is a pretty harmless fantasy. And I always love those office/workplace pools that some times win. I used to be in one in a wretched health insurance company and people took it quite seriously as their only way out. The numbers had been crunched and ran through the tax percentages, the number of people in the pool, return on Treasury bonds, etc and there was an established point in the jackpot where we'd dive in because a win would mean walking off the job with enough to retire or start anew. It was referred to by everyone in the pool as the FU point. We never won but it was fun.
    This is exactly my approach. Given my current age the number is pretty low
    Ian

    Host of the Post-Avant Jazzcore Happy Hour on progrock.com
    https://podcasts.progrock.com/post-a...re-happy-hour/

    Gordon Haskell - "You've got to keep the groove in your head and play a load of bollocks instead"
    I blame Wynton, what was the question?
    There are only 10 types of people in the World, those who understand binary and those that don't.

  12. #237
    Studmuffin Scott Bails's Avatar
    Join Date
    Nov 2012
    Location
    Near Philly, PA
    Posts
    6,583
    Quote Originally Posted by NogbadTheBad View Post
    The only way I think that works is that the probability of multiple winners goes up due to the surge in ticket purchases so would you rather be the sole winner of $150MM or split $500MM with 5 people?
    That's not what he said, though. He said "the odds of winning go down."
    Music isn't about chops, or even about talent - it's about sound and the way that sound communicates to people. Mike Keneally

  13. #238
    Member Lou's Avatar
    Join Date
    Nov 2012
    Location
    Cincinnati-ish
    Posts
    1,923
    Quote Originally Posted by Scott Bails View Post
    That's not what he said, though. He said "the odds of winning go down."
    Your odds of winning are the same regardless of how many people play.
    A Comfort Zone is not a Life Sentence

  14. #239
    Studmuffin Scott Bails's Avatar
    Join Date
    Nov 2012
    Location
    Near Philly, PA
    Posts
    6,583
    Quote Originally Posted by Lou View Post
    Your odds of winning are the same regardless of how many people play.
    Or how big the jackpot gets.

    It's the same game, regardless.
    Music isn't about chops, or even about talent - it's about sound and the way that sound communicates to people. Mike Keneally

  15. #240
    Member rcarlberg's Avatar
    Join Date
    Nov 2012
    Location
    Seattle
    Posts
    7,765
    Quote Originally Posted by Scott Bails View Post
    You're going to have to explain this one.
    You’re right, I should have said “your odds of winning the jackpot.” More players = bigger chance of sharing any and all prizes.

    But still minuscule.

  16. #241
    Member Camelogue's Avatar
    Join Date
    Nov 2012
    Location
    Lovetron/Pittsburgh
    Posts
    4,751
    I threw my $2 into the pool.

  17. #242
    Member rcarlberg's Avatar
    Join Date
    Nov 2012
    Location
    Seattle
    Posts
    7,765
    Quote Originally Posted by Camelogue View Post
    I threw my $2 into the pool.
    Next time send your money to me. I'll give you BETTER odds -- hell, I'll go 200 million to one -- that you'll get your money back!!!

  18. #243
    Member
    Join Date
    Nov 2012
    Location
    The Right Coast
    Posts
    1,704
    Here we go again. MegaMillions is over $500 million. Time for a donation and some smiles...until i find out i didn't win

  19. #244
    Member rcarlberg's Avatar
    Join Date
    Nov 2012
    Location
    Seattle
    Posts
    7,765
    Last weekend This American Life ran an interesting story on the cast of Riverdance pooling together to buy something like 450 tickets to MegaMillions. They made all sorts of plans how they would collect the winnings, who would administer the funds, how they would be divided and what each person would do with their money.

    It's worth a listen.

  20. #245
    Member
    Join Date
    Nov 2012
    Location
    The Right Coast
    Posts
    1,704
    It's that time again. MegaMillions at 493,000,000. That could cover the rent and a few other things...

  21. #246
    Member rcarlberg's Avatar
    Join Date
    Nov 2012
    Location
    Seattle
    Posts
    7,765
    Quote Originally Posted by Tangram View Post
    It's that time again. MegaMillions at 493,000,000. That could cover the rent and a few other things...
    Quote Originally Posted by BobM
    But what would you do with $400 million in hand? It's so incomprehensible. I would say, put $100 million aside for all future living expenses for you and your kids and their kids. Then start a foundation with the other $300 million and keep yourself busy doling out that money for some good causes that touch your heart. Maybe hobnob with Bill Gates and help his charity.
    You could buy yourself a presidency?

  22. #247
    Banned
    Join Date
    Dec 2015
    Location
    Divided Snakes of America
    Posts
    1,981
    I would create an organization to buy and run radio stations in a major markets, create a record label, promote tours, fund a killer festival and generally shove prog rock down the public's f*cking throats. ;-)

    Steve F. would be CEO at a heftly salary with a full staff so he can kick back and bark out orders, I would sit on the board along with Dweezil Zappa, Andy Lattimer, Peter Hammill, Peter Gabriel, Rick Wakeman (for comic relief and ice-show consulting) and a few other selected odds and sods...

  23. #248
    Member rcarlberg's Avatar
    Join Date
    Nov 2012
    Location
    Seattle
    Posts
    7,765
    Reminds me of the old joke, "How do you become a millionaire?"

    Start with $2 million, then create a record label....

  24. #249
    Banned
    Join Date
    Dec 2015
    Location
    Divided Snakes of America
    Posts
    1,981
    ^^^
    LOL, yes with plans like that I would burn through that money fast...

  25. #250
    Looks like someone in California won. I guess that's why California is the most profitable state in the nation. I guess the illegals are doing something right.
    NEVER UNDERESTIMATE THE POWER OF STUPID PEOPLE IN LARGE GROUPS!

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •